In May, the employee was paid Rs 1.42 crore (165,398,851 Chilean pesos) instead of his salary of Rs 43,000 (500,000 pesos). (Representative Image) The rupee touched a record low, sliding near 79 to a dollar, on June 29 as foreign investors continued selling local equities and crude oil prices rose. Experts say the sharp fall of the rupee can be attributed to the strength of the greenback and lower forward premiums, among others. Moneycontrol explains the reasons for the rupee’s depreciation. How much did the rupee depreciate? The rupee opened at 78.85 per dollar and slid to 78.95, an all-time high, during intra-day trade on Wednesday. On a weekly basis, the currency has depreciated 1.2 percent. Close Why is the rupee in a free fall? Central banks led by the US Federal Reserve tightening interest rates globally, increases in crude oil and commodity prices, lower forward premiums and weakening forex reserves are some of the reasons experts cite for … [Read more...] about MC Explains | Will RBI let the rupee adjust to new lows?
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Chiang Mai protestors send Prayut a message, despite thousands of police
PM Prayut Chan-o-cha received a message after visiting the northern province of Chiang Mai yesterday. A group of protestors known as Kiat Lampang ‘greeted’ Prayut outside the airport. The group had announced on its Facebook page… “Come and welcome and chase out Prayut! At the international airport, Chiang Mai, today will definitely follow and chase him all day.” Prayut later spoke at a ceremony, protected by tight security with over 2,000 police officers. But 20 or so protestors managed to get through and stage a demonstration at the convention centre where he spoke. Their messages included “After 8 years there is now no future, resign.” Others wrote “Uncle Tu borrows, borrows, borrows”, and “No future, public debt.” This news comes after Prayut earlier this week made a bizarre appeal to the nation’s press to “go easy” and give him a fair crack of the whip. This was after a recent poll put him in fourth position as potential picks to be Thailand’s next prime minister, a long … [Read more...] about Chiang Mai protestors send Prayut a message, despite thousands of police
Bank of Baroda shares gain after lender reports nine-fold jump in PAT for FY22
Bank of Baroda reports profit of Rs 1779 crore in March quarter. Bank of Baroda has reported a standalone net profit of Rs 1,778.77 crore for the fourth quarter of 2021-22 as against a net loss of Rs 1,046.5 crore a year ago. However, on a sequential basis, the lender’s net profit fell 19 per cent from Rs 2,197.03 crore in the third quarter of last fiscal. Net interest income grew 21.2 per cent to Rs 8,612 crore from Rs 7,107 crore a year ago. Trade Watchlist Portfolio Message Set Alert live bse live nse live Volume Todays L/H More × Shares of Bank of Baroda (BoB) advanced higher in early trade on May 16, after the state-owned lender reported a nine-fold jump in its profit after tax (PAT) at Rs 7,272 crore for the financial year ended March 2022 as compared to a PAT of Rs 829 crore registered in FY21. At 11:20 am, the scrip traded at Rs 98.90 apiece on the BSE, up 4.16 … [Read more...] about Bank of Baroda shares gain after lender reports nine-fold jump in PAT for FY22
Chinese President Xi arrives in Hong Kong for handover anniversary
A woman takes pictures of Chinese and Hong Kong flags decorating a street, ahead of the 25th anniversary of the former British colony's handover to Chinese rule, in Hong Kong, China June 30, 2022. - A + A HONG KONG (June 30): Chinese President Xi Jinping arrived in Hong Kong on Thursday for events to celebrate 25 years since the former British colony returned to Chinese rule and the inauguration of the city's new leader John Lee. Xi's visit, via high-speed rail, is his first to the city since 2017 and the first known trip outside mainland China in over two years amid the Covid-19 epidemic. Xi, wearing a mask, stepped out of the train to be greeted by children and other people waving flowers and Chinese and Hong Kong flags, while chanting "Welcome, welcome, warmly welcome" in Mandarin. Outgoing leader Carrie Lam and her husband were among those who welcomed Xi at the train station. The city's streets had been festooned with red China flags and posters … [Read more...] about Chinese President Xi arrives in Hong Kong for handover anniversary
Marcos Jr sworn in as president decades after father fled
- A + A (June 30): Incoming Philippine President Ferdinand Marcos Jr, son of the nation’s ousted dictator, said he will focus on food sufficiency and Covid-19 pandemic recovery in an inaugural speech that paid tribute to his late father. “The role of agriculture cries for urgent attention,” Marcos said in Manila on Thursday (June 30) after taking his oath of office. “An agriculture damaged and diminished by unfair competition will have a harder time, or will have no prospects at all of recovery.” The new leader, who’s appointed himself the agriculture chief, said he would rebuild the nation’s economy to regain its position as a growth leader in the region. He pledged to fix shortcomings in pandemic response, and come up with plans to transform the economy and boost infrastructure. The former senator returns to the presidential palace where he spent his youth before his family fled in 1986, driven out by a popular uprising. His father’s two-decade rule was marred by … [Read more...] about Marcos Jr sworn in as president decades after father fled
Asian currencies set for half-year losses on rate hikes, inflation woes
- A + A (June 30): All emerging Asian currencies were set for half-yearly losses on Thursday, with the South Korean won set to lose the most, as policy tightening by the US central bank and concerns over global economic outlook spurred selling in Asian assets. The won dropped 8.4% so far this year, while the Philippine peso and Indian rupee were on track to post half-yearly losses of 7.3% and 5.8%, respectively. Emerging markets in the six-month period were battered by capital outflows due to the US Federal Reserve kicking off its tightening cycle, Russia's invasion of Ukraine, and inflation from higher commodity prices. Among local drivers, China's insistence on a zero-Covid policy also spurred selling as the country's repeated imposition of restrictions means a slower economic recovery for the region's largest economy. "The broader market ... they need some more convincing because I think at the back of their mind, they've still got this hesitancy due to the … [Read more...] about Asian currencies set for half-year losses on rate hikes, inflation woes
Hong Kong has ‘risen from the ashes’, China’s Xi says on rare visit
China's President Xi Jinping speaks upon his arrival via high-speed rail, ahead of the 25th anniversary of the former British colony's handover to Chinese rule, in Hong Kong, China June 30, 2022. - A + A HONG KONG (June 30): Hong Kong has overcome its challenges and "risen from the ashes", China's President Xi Jinping said on Thursday, as he arrived in the former British colony to celebrate 25 years since its return to Chinese rule. Xi is to swear in the global financial hub's new leader, John Lee, on Friday during his first visit to the city since 2017, which is also his first known trip outside the mainland in more than two years, amid the Covid-19 pandemic. Wearing masks, Xi and his wife, Peng Liyuan, stepped off a high-speed train to be greeted by children waving flowers and Chinese and Hong Kong flags who chanted, "Welcome, welcome, warmly welcome" in Mandarin. "Hong Kong has withstood severe tests again and again, overcoming challenges one by one," Xi … [Read more...] about Hong Kong has ‘risen from the ashes’, China’s Xi says on rare visit
Moscow mall opens for Russian business after big brand exodus
- A + A MOSCOW (June 30): Western fashion brands are conspicuous by their absence at a gleaming new shopping centre on the outskirts of Moscow - and customers say they scarcely miss them. Following Moscow's decision to send thousands of troops into Ukraine at the end of February, international fashion brands from Adidas to Zara have paused operations in Russia, while Nike is one of the handful to commit to a definitive exit from the market. "I am neutral on this, whether we have them or not," shopper Alexandra Moskunova told Reuters at the mall in Khovrino. "I can happily do without them." Another customer, Irina Stakhanova, said: "I only really liked H&M and another one that I can't remember. It's not that I need foreign things, I just need something that fits me and looks good, to lift the mood." There are few overt signs in the Russian capital that the mood needs lifting. Buskers sing and play, restaurant terraces spill onto the pavement and, as … [Read more...] about Moscow mall opens for Russian business after big brand exodus
PH is willing to accept refugees, Duterte tells UN General Assembly
MANILA, Philippines — In his first-ever speech before the United Nations General Assembly, President Rodrigo Duterte reiterated on Wednesday the Philippines’ willingness to accept refugees, including the Rohingyas from Myanmar. Duterte cited the Philippines’ history of opening its doors to the refugees — White Russians following the 1917 Revolution, European Jews during the Second World War, Vietnamese during the Vietnam War in the late 1960s, and Iranians displaced by the 1979 revolution. “The Philippines continues to honor this humanitarian tradition in accordance with our obligations under the 1951 Convention on the Status of Refugees and the 1967 Protocol,” Duterte said. “But lest we forget: helping the most vulnerable – those displaced by conflict, persecution, and political instability – is a shared responsibility of all countries.” He added: “As I have said many times: The doors of the Philippines are open, as they have always been, to everyone fleeing for safety, such … [Read more...] about PH is willing to accept refugees, Duterte tells UN General Assembly
Global credit conditions more negative amid rising borrowing costs, slower economic growth: Moody’s
In a statement, Moody's said the rupee has depreciated around 4.5 per cent since the start of the year. (Representative image) Moody's Investors Service on Thursday said global credit conditions have turned more negative amid rising borrowing costs, protracted Russia-Ukraine conflict and slower economic growth. It said the surge in energy and food costs spurred by the conflict in Ukraine is weakening the purchasing power of households, raising input costs for companies and dampening investor sentiment. Among sovereign debt issuers, debt sustainability will be especially challenging for many frontier market sovereigns as their borrowing costs climb, while their economies still have not fully recovered from the COVID-19 pandemic crisis, it said. "Global credit conditions have turned more negative and will be tighter for the rest of the year amid rising borrowing costs, the prospect of a protracted military conflict between Russia and Ukraine, materially slower growth of the … [Read more...] about Global credit conditions more negative amid rising borrowing costs, slower economic growth: Moody’s